OK well I've got somewhere to be so I'll get to my point RJ.
If oil isn't at a fair price now, it's pretty close.
Right now we're at about 95 a barrel on WTI. Brent is at 115. So if there's a speculative bubble, it sure doesn't seem like it's in WTI.
Additionally, there is a reasonable risk premium in the middle east.
Also, Canada imports more oil to the US than anyone. I suggest doing some reading on how much oil needs to be priced for that production to be economic. Same will true for shale oil, especially considering Bakken doesn't even have delivery infrastructure.
If oil falls too much, the price cuts supply dramatically because operators can't make a profit on it. They're not going to pull it out at a loss when they can wait and make a profit later. I'm not sure exactly what that number is these days...used to be (when I left for Korea last year) that it cost around 50/barrel just to get the crap produced. Then add in other costs and you tell me what an economic price is...we're not too far from it.
To go below the price that makes Athabasca profitable is to greatly constrict US supply.